Q&A 国内 DRAM 技术演进路径及其对产业链的影响是什么？ 国内 DRAM 技术演进路径将采用 4F² 与 CBA（Chip-By-Chip Assembly）相 结合的技术。这一技术趋势在海外市场也得到认可，但由于国内在制程相关关 键设备方面面临从海外获取的困难，国内在这条技术路径上走得更为超前。 4F² 存储单元架构创新是通过缩小存储单元面积来提升整体存储密度，目前已 成为全球 DRAM 发展的主要方向。 CBA 技术则是将逻辑电路和存储单元阵列 分别制造在不同晶圆上，这种方法已经被国内长江存储率先应用，并且未来 NAND Flash 的发展也会朝着 300 多层的方向演进，凯霞、三星和海力士等公 司也在采用这一工艺。Yola 预计新的 4F² 架构下的 DRAM 将搭配使用 CBA 技 术，将存储单元阵列和逻辑电路部分拆成两片晶圆进行制造。 这种技术对于国 内整个产业链带来了许多机遇，包括逻辑晶圆代工和相关设备需求的大幅增加。 CBA 技术通过分离制造存储单元阵列和逻辑电路，避免高温处理对 CMOS 逻辑部分造成损害，减小芯片面积，缩短生产周期，并降低产线 复杂度和成本。 CF Square 技术采 ...

Core Viewpoint - The report from GF Securities indicates that emerging technologies such as 4F2 and CBA are expected to become significant breakthroughs for enhancing the PPA (Power, Performance, Area) of DRAM chips, leading to increased equipment demand in the DRAM industry [1] Group 1: 4F2 Technology - 4F2 is an efficient technology route for increasing storage density, allowing DRAM cells to be arranged in a 3D vertical layout, which can reduce the cell size by approximately 30% compared to the 6F2 structure, thus improving area performance and storage density [2] - Companies like Samsung and Hynix are actively developing 4F2-related DRAM technologies, with Samsung utilizing VCT technology to vertically align transistors and Hynix planning to adopt the 4F2VG platform below the 10nm node for higher density and efficiency [2] Group 2: CBA Technology - CBA technology is crucial for optimizing the system-level performance of DRAM chips, allowing for the separate manufacturing of storage array wafers and logic control unit wafers, which are then bonded together to achieve better overall performance [3] Group 3: Equipment Demand Diversification - The optimization of DRAM chip architecture is expected to diversify equipment demand, as the industry explores and applies new technologies like 4F2 and CBA, which will increase the need for deposition, etching, bonding, CMP, and plating processes, thereby opening up growth opportunities for related equipment [4]